Union Finance Minister Nirmala Sitharaman holds a folder-case containing Budget 2022-23
Highlights
- FM Sitharaman didn't tinker with the personal Income Tax rates/slabs
- FM also did not raise standard deduction. The standard deduction currently stands at Rs 50,000
- Ahead of Budget, taxpayers were expecting changes in Income Tax slabs/rates
Belying expectations, Finance Minister Nirmala Sitharaman on Tuesday didn't tinker with the personal Income Tax rates/slabs in the Union Budget for 2022-23.
The minister also did not raise standard deduction, which was widely anticipated in view of elevated inflation levels and impact of the pandemic on the middle class. The standard deduction currently stands at Rs 50,000.
Union Budget 2022-23 FULL COVERAGE
They are also expecting a substantial hike in medical expenses exemptions because of the pandemic.
The corporate tax rate too was kept at the same level. However, the concessional rate of 15 per cent has been extended by one year for newly incorporated manufacturing units.
Ahead of the Budget, taxpayers were expecting the announcement of changes in Income Tax slabs and rates.
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